Midwest

Stan Johnson Co. Brokers $3M Sale of Cincinnati Retail Center

by Kristin Harlow March 11, 2021

CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.

March 11, 2021

Affordable Housing Development Finance Insight Midwest Multifamily Northeast Southeast Texas Video Western

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels March 11, 2021

2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

March 11, 2021

Industrial Market Reports Michigan Midwest Midwest Market Reports

Gotown: Detroit’s Industrial Market Looks to Build off Momentum from 2020

by Kristin Harlow March 11, 2021

By Doug Fura, Farbman Group With 2020 in the rearview mirror, hopes for a healthier and more prosperous 2021 seem likely to lead to economic and development surges in markets across the country. In Detroit, where the industrial market has been a clear bright spot in a pandemic-altered development landscape, industry professionals remain optimistic that development momentum won’t be slowing anytime soon. How realistic is that optimism, where does industrial stand right now and what’s in store for Detroit? No signs of slowing down The Detroit industrial real estate market is easily the tightest I’ve seen at any point in the last 40+ years. We are seeing speculative construction for the first time in over a decade. Even more impressive is the fact that, for the most part, that space is being leased up before the buildings are completed. While construction costs are at record highs, they are still dramatically lower than in many/most other large markets across the country. E-commerce influence Who and what is driving that demand? The 500-pound gorilla is Amazon, but the boom in e-commerce extends well beyond one company, no matter how influential. The market was already evolving prior to the pandemic, but COVID-19 has …

March 11, 2021

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $74.9M HUD-Insured Loan for Refinancing of Multifamily Property in Ypsilanti

by Kristin Harlow March 10, 2021

YPSILANTI, MICH. — Bernard Financial Group has arranged a $74.9 million HUD-insured loan for the refinancing of a multifamily property in Ypsilanti. The loan is the largest 223(f) HUD loan in over 30 years, according to Southfield-based Bernard Financial. The borrower was LITW LLC. Dennis Bernard and Dan Duggan of Bernard Financial arranged the loan with Gershman Mortgage. Further loan terms and property details were undisclosed.

March 10, 2021

Acquisitions Industrial Midwest Ohio

JLL Brokers Sale of 583,000 SF Distribution Center in Metro Columbus

by Kristin Harlow March 10, 2021

LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.

March 10, 2021

Industrial Leasing Activity Midwest Wisconsin

Visual Pak Signs 472,176 SF Industrial Lease in Bristol, Wisconsin

by Kristin Harlow March 10, 2021

BRISTOL, WIS. — Visual Pak Cos. has signed a 472,176-square-foot industrial lease at Bristol Highlands Commerce Center in Bristol, about 14 miles west of Kenosha. The Waukegan, Ill.-based company, which provides contract packaging and manufacturing solutions for food, personal care, automotive and healthcare brands, will occupy an entire building at the business park. Visual Pak is scheduled to take occupancy in the second quarter after interior improvements are completed. Whit Heitman of CBRE represented the tenant in the lease transaction. Jeff Hoffman and Eric Fischer of Cushman & Wakefield | Boerke, along with Tim Thompson of HSA Commercial Real Estate, represented ownership, HSA Commercial Real Estate and Washington Capital Management.

March 10, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates $11.8M Sale of Two Retail Properties in Fort Wayne

by Kristin Harlow March 10, 2021

FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.

March 10, 2021

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Sells 41,000 SF Industrial Building in Chicago

by Kristin Harlow March 10, 2021

CHICAGO — Dayton Street Partners has sold a 41,000-square-foot industrial building located at 4150 N. Knox Ave. on Chicago’s North Side. Brookfield Properties purchased the asset for an undisclosed price. Dayton Street acquired the 1.6-acre site in 2015 and completed construction of the building in 2018. The property features a clear height of 30 feet, six docks, four drive-in doors and LED lighting. It is fully leased to Johnstone Supply and Goodman Manufacturing. CBRE represented Dayton Street in the sale.

March 10, 2021

Illinois Midwest

Take Me Out to the Ball Game: Chicago Stadiums to be at 20 Percent Capacity on Opening Day

by Kristin Harlow March 9, 2021

CHICAGO — Chicago Mayor Lori Lightfoot announced plans to open Guaranteed Rate Field and Wrigley Field to White Sox and Cubs fans on each team’s Opening Day in April as part of the city’s “Open Chicago” efforts. The ballparks will be open at 20 percent capacity. Lightfoot evaluated capacity and restrictions in partnership with the Chicago Department of Public Health and the Major League Baseball Association. Last week, the mayor increased indoor capacity at bars, restaurants and other businesses to 50 percent, citing sustained progress in reopening metrics. Guranteed Rate Field, home to the Chicago White Sox on the South Side, normally seats just over 40,000 guests. The reopening capacity will be limited to 8,122 fans with at least six feet between parties. White Sox Opening Day is Thursday, April 8. Wrigley Field, home to the storied Chicago Cubs, has a normal capacity of 41,374 fans. It will be limited to 8,274 guests per game. Opening Day is scheduled for Thursday, April 1. According to the city, there is potential to increase capacity at the ballparks as vaccination and recovery efforts continue. In the same vein, a spike in COVID-19 cases could result in ballparks, bars, restaurants and businesses closing …

March 9, 2021

Acquisitions Iowa Midwest Multifamily

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

by Kristin Harlow March 9, 2021

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity group, assumed existing Fannie Mae debt.

March 9, 2021

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